OPPEIN(603833) 光大证券·2025-04-29 14:41Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a significant increase in net profit for Q1 2025, achieving a net profit of 310 million yuan, a year-on-year increase of 41.3%, despite a revenue decline of 4.8% to 3.45 billion yuan [5][6] - The improvement in gross margin is attributed to enhanced production efficiency and a shift in channel structure, with the gross margin reaching 34.3%, up 4.3 percentage points year-on-year [7][8] - The company is actively optimizing its store layout while increasing the number of high-margin direct sales channel stores [6][8] Summary by Sections Financial Performance - Q1 2025 revenue breakdown by product: cabinets 980 million yuan (-8.5%), wardrobes 1.8 billion yuan (-5.6%), bathrooms 220 million yuan (+9.7%), wooden doors 220 million yuan (+1.0%) [6] - Revenue by channel: direct sales 160 million yuan (+10.2%), distribution 2.59 billion yuan (-1.3%), bulk sales 500 million yuan (-28.6%) [6] Profitability Metrics - Q1 2025 gross margin by product: cabinets 29.7% (+4.1 pcts), wardrobes 39.8% (+4.2 pcts), bathrooms 24.1% (+2.8 pcts), wooden doors 21.2% (+6.2 pcts) [7] - Q1 2025 gross margin by channel: direct sales 55.6% (+2.5 pcts), distribution 35.4% (+3.5 pcts), bulk sales 17.4% (+1.5 pcts) [7] Future Projections - The company’s net profit forecasts for 2025-2027 have been slightly raised to 2.84 billion yuan, 3.20 billion yuan, and 3.52 billion yuan respectively, reflecting increases of 3%, 5%, and 6% [8][9] - Projected EPS for 2025-2027 are 4.67 yuan, 5.26 yuan, and 5.78 yuan, with corresponding P/E ratios of 14, 12, and 11 times [8][9]